Currency pair Pound/Dollar GBP/USD continues to move as part of the upward correction and the formation of the «Expanding Triangle» model. At the time of the publication of the forecast, the pound to the US Dollar at FOREX is 1.2332. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to increase the British Pound and test the resistance area near the level of 1.2380. Where again we should expect a rebound and the beginning of a decline in the quotes of the British Pound currency pair against the US Dollar. The downward movement of the currency pair and the development of the Expanding Triangle model, in the framework of the Forex forecast for September 12, 2019, is the area at the level of 1.1945.
GBP/USD Forecast Pound Dollar September 12, 2019
An additional signal in favor of the fall of the currency pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the upper boundary of the «Expanding Triangle» model. Cancellation of the option to reduce the Pound/Dollar pair will be a strong growth with the closing of quotations above the level of 1.2465. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to the area above the level of 1.2695. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing below 1.2225.
GBP/USD Forecast Pound Dollar September 12, 2019 suggests an attempt to test the resistance area near the level of 1.2380. Then, the continuation of the fall with the target above the level of 1.1945. An additional signal in favor of lowering the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.2465 area. This will indicate a continued rise of the pair with a potential target above the level of 1.2695.